About Cubic Corporation
Cubic Corporation designs, integrates and operates systems, products and services focused in the transportation, defense training and secure communications markets. As the parent company of two major business units, Cubic’s mission is to increase situational awareness and understanding for customers worldwide. Cubic Transportation Systems is a leading integrator of payment and information technology and services to create intelligent travel solutions for public transit authorities and operators. Cubic Global Defense is a leading provider of realistic combat training systems, secure communications and networking and highly specialized support services for military and security forces of the U.S. and allied nations. For more information about Cubic, please visit the company's website at www.cubic.com or on Twitter @CubicCorp.
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Industry-leading contactless bankcard payment system achieves eighth major award validation
SAN DIEGO – March 2, 2016 – Cubic Transportation Systems (CTS), a business unit of Cubic Corporation (NYSE: CUB), along with Transport for London (TfL) received another major honor for London’s contactless bankcard system after winning the ‘Technological Innovation’ award at the 18th annual Rail Business Awards. The premier event recognizes excellence and innovation in the United Kingdom’s rail sector. This is the eighth major award for Cubic and TfL’s contactless system.
Launched in 2012, the contactless bankcard system was extended in 2014 to cover London’s entire transit network – including Tube, rail, bus and tram services. Since the introduction of the contactless payment scheme, more than 350 million contactless journeys have been made across the network.
“Introduction of contactless bankcard payment to London’s integrated transit network required innovation at a global scale and this latest award is validation of its success and the hard work that went into creating and implementing a transit transaction model with a great partner,” said Roger Crow, executive vice president and managing director, CTS Europe. “With Cubic and TfL’s strong partnership, we look forward to paving the way for more ground-breaking intelligent travel solutions in pursuit of our NextCity vision.”
“It’s great to win another key industry award for our contactless payment system. This is just one of the many projects we are working on to make paying for transport easier for everyone travelling in the Capital and beyond,” said Shashi Verma, TfL’s Director of Customer Experience. “More than 28 percent of our pay-as-you-go customers use contactless payment already because it is so quick and easy. There's no need to top-up, you just touch in and out with your credit or debit card.”
Cubic played a crucial role in the development of the payment system, spending three years researching and developing the Tri-Reader 3 to process contactless-enabled bankcards. It’s the first reader in the transport industry certified to read Oyster cards, Integrated Transport Smartcard Organization (ITSO) cards and Near Field Communication (NFC)-enabled devices.
More than one million journeys are made using contactless bankcard payments every weekday. In addition, bankcards from more than 80 countries are used on the London system, bringing a new level of convenience for the millions of visitors who visit London each year.